As yesterday's post mentioned, under EHLP 1,405 selected (unemployed/underemployed) Minnesota homeowners will receive up to $50,000 in interest-free loans over the next two years to help pay mortgage costs. The loans are also 100% forgivable for homeowners who stay in their home for 5 years following the program’s completion.
The program can be a little difficult to understand, as it has very strict qualification guidelines and actually rolls out in several phases over the next few months. MN Housing and the MN Homeownership Center have created a website: www.EHLPMinnesota.com to try and outline some of the program guidelines and explain to consumers how the program works.
NOW, the Center has added a new video that explains, in seven short minutes, the basics of the EHLP program and how to apply.
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Here's the video:
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